Ascott acquires first lyf-branded co-living property in Tokyo

The property will be acquired through the Ascott Serviced Residence Global Fund.

The Ascott Limited, the lodging business of CapitaLand Investment Limited (CLI), has acquired its first lyf-branded co-living property in Tokyo through its Serviced Residence Global Fund (ASRGF).

The 140-unit property will be named lyf Ginza Tokyo and will open in June 2023. It was the fourth asset acquired by Ascott in 2022 through the ASRGF, which has deployed about $400m across four countries in five months.

Following the acquisition of the Tokyo asset, ASRGF will have 12 properties with over 2,300 units across 91 countries. Other acquisitions made by the ASRGF this year include lyf Bondi Junction Sydney in June 2022, and the Somerset Hangzhou Bay Ningbo and Citadines Canal Amsterdam in March 2022. 

“With the addition of lyf Ginza Tokyo, we are close to the full deployment of ASRGF. We seek to establish more lodging funds and attract like-minded capital partners to tap on Ascott’s established investment and operational expertise,”  Mak Hoe Kit, Ascott’s Managing Director for Lodging Private Equity Funds and Head of Business Development, said.

Meanwhile, Ascott also reported that it opened 20 properties with more than 4,500 units in H1, a 56% increase from the same period last year.
 

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Is HDB resale a good investment?
OrangeTee’s Dallas Hassan and Huttons Asia Real Estate Groups’ Lee Sze Teck answer frequently-asked questions on HDB.
Spoof proof: How the new SMS Sender ID Registry prevents phishing
Phishing remains a huge problem in Singapore, with reported incidents jumping from 16 to 5,020 within four years.